Internets Stay in Record-Breaking Pattern
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Internet stocks continued higher Monday and the Nasdaq finished with another record, thanks in part to a reversal in strategy by AT&T Corp, which will enable more Internet providers to offer high-speed cable access.
internet.com's Internet Stock Index jumped 23.78, or 3.23 percent, to 760.09, the Nasdaq Composite climbed 25.42 to 3546.05 and the Dow Jones industrials fell 61.17 to 11225.01.
AT&T Corp. (T) lost 3/16 to 56-13/16 and Excite@Home (ATHM) dropped 3-1/16 to 49. AT&T Monday said it will open its cable infrastructure to other ISPs once its exclusivity contract with Excite@Home expires in mid-2002. Mindspring (MSPG) surged 3-11/16 to 36 on news the ISP will be one of the first to offer high-speed cable access to its customers.
InfoSpace.com (INSP) rocketed 17-5/8 higher to 149. Merrill Lynch's Henry Blodget and Sofia Ghachem initiated coverage with a "accumulate/buy" rating and a 12-18 month price objective of $160. "InfoSpace.com is the best-positioned player to benefit from the growth in Internet marketing & sales infrastructure with an addressable market opportunity of $100 billion by 2003" wrote Ghachem in a note to clients.
Internet Communications (INCC) gained 4-1/16, or 203 percent, to 6-1/16 after announcing late Friday that it had created a cost effective solution for companies with multiple locations to have DSL network connectivity.
Cheap Tickets Inc. (CTIX) plunged 5-13/16 to 12-1/2 after the online discount travel site warned fourth-quarter earnings will come in at 2 cents a share, 2 cents lower than expected, due to airlines discounting published fares.
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